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Questions and Answers
What is the purpose of performing Audit Data Analytics (ADAs)?
What is the purpose of performing Audit Data Analytics (ADAs)?
- To access and prepare the data for purposes of the ADA
- To determine the financial statement items or accounts
- To discover and analyze patterns, anomalies, and other information for the purpose of planning and performing an audit (correct)
- To evaluate the results and conclude on whether the purpose and specific objectives of performing the ADA have been achieved
What is the first step in the 5-Step Process to Performing Audit Data Analytics (ADAs)?
What is the first step in the 5-Step Process to Performing Audit Data Analytics (ADAs)?
- Plan the ADA (correct)
- Perform the ADA
- Consider the relevance and reliability of the data used
- Access and prepare the data for purposes of the ADA
What do auditors consider when planning the ADA?
What do auditors consider when planning the ADA?
- Consider the relevance and reliability of the data used
- Access and prepare the data for purposes of the ADA
- Determine the financial statement items or accounts, or disclosures, and related assertions (correct)
- Evaluate the results and conclude on whether the purpose and specific objectives of performing the ADA have been achieved
What is the fourth step in the 5-Step Process to Performing Audit Data Analytics (ADAs)?
What is the fourth step in the 5-Step Process to Performing Audit Data Analytics (ADAs)?
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What does the science and art of using analysis, modeling, and visualization aim to do?
What does the science and art of using analysis, modeling, and visualization aim to do?
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